Nor Shamsiah Mohd Yunus has been named as the new governor of Bank Negara Malaysia (BNM)(Illustrative photo: AFP/VNA)
 
Kuala Lumpur (VNA) - Nor Shamsiah Mohd Yunus has been named as the new governor of Bank Negara Malaysia (BNM).

Nor Shamsiah served as deputy governor of the BNM for six years and her term ended in 2016.

She replaces Muhammad Ibrahim, who stepped down early this month, just two years after he was appointed. His resignation followed doubts on the role of the BNM in an agreement related to the strategic investment fund – 1Malaysia Development Berhad (1MDB).

1MDB is formed by then PM Najib Razak in 2009 with an aim to serve the country’s socio-economic development. Najib was accused for the loss of 3.7 billion USD in transactions with other countries through the 1MDB. However, the fund representative and the former leader repeatedly rejected the accusation.

New PM Mahathir Mohamad has vowed to investigate the case and reclaim the loss.-VNA